Centerra Gold Inc.

Operations and Development Projects

The Mount Milligan Mine is an open-pit mine located in north central British Columbia, Canada, producing a gold and copper concentrate. The Mount Milligan Mine is subject to the Mount Milligan Mine Streaming Agreement. To satisfy its current obligations under the Mount Milligan Mine Streaming Agreement, the Company purchases refined gold ounces and copper warrants and arranges for delivery to Royal Gold. The difference between the cost of the purchases of refined gold ounces and copper warrants and the corresponding amounts payable to the Company under the Mount Milligan Streaming Agreement is recorded as a reduction of revenue rather than a cost of operating the mine. On February 13, 2024, the Company entered into the Additional Royal Gold Agreement, relating to the Mount Milligan Mine.

Mount Milligan Mine Financial and Operating Results

(1)Includes exploration and evaluation costs and other operating costs, including non-cash unrealized loss on the financial asset related to the Additional Royal Gold Agreement.

(2)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(3)Mount Milligan production and sales are presented on a 100%-basis. Under the Mount Milligan Streaming Agreement, Royal Gold is entitled to 35% of gold ounces sold and 18.75% of copper pounds sold. Royal Gold paid $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered in the periods presented.

(4)This supplementary financial measure, within the meaning of NI 52-112, is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement, copper hedges and mark-to-market adjustments on metal sold that had not yet settled under contract.

(5)Includes the impact from the Mount Milligan Streaming Agreement and the impact of copper hedges.

(6)“nm” represents a percentage change that is not meaningful.

Earnings from mine operations of $97.5 million were recognized in the third quarter of 2026 compared to $45.4 million in the third quarter of 2025. The increase in earnings from mine operations was primarily due to higher average realized gold and copper prices, and higher gold ounces sold, partially offset by higher production costs.

Cash provided by mine operations of $106.8 million was recognized in the third quarter of 2026 compared to $64.1 million in the third quarter of 2025. The increase was primarily due to higher earnings from mine operations as noted above.

Free cash flow from mine operations NG of $62.8 million was recognized in the third quarter of 2026 compared to $44.6 million in the third quarter of 2025. The increase was due to higher cash provided by mine operations as noted above, partially offset by higher non-sustaining capital expenditures NG. Non-sustaining capital expenditures NGwere related to mining fleet expansion and TSF buttress foundation construction.

During the third quarter of 2026, mining activities were carried out in phases 5, 6, 7 and North Borrow of the open pit. Total tonnes mined were 12.3 million tonnes in the third quarter of 2026 compared to 12.3 million tonnes in the third quarter of 2025.

Total process plant throughput in the third quarter of 2026 was 5.6 million tonnes, averaging 60,388 tonnes per calendar day compared to 5.3 million tonnes, averaging 57,541 tonnes per calendar day in the third quarter of 2025. During the third quarter of 2025, several operational issues led to lower throughput, including unplanned crusher downtime for rebuilds, stockpile conveyor bearing failure, and downtime in the rougher flotation banks. The higher mill throughput in the third quarter of 2026 was primarily driven by a combination of softer ore and increased reliability due to the additional planned maintenance work completed during the July 2026 extended shutdown, which allowed the mill to run at increased throughput levels.

Gold production was 44,070 ounces in the third quarter of 2026 compared to 32,539 ounces in the third quarter of 2025. The increase in gold production was primarily driven by higher head grade and throughput. During the third quarter of 2026, the average gold head grade and recovery were 0.43 g/t and 58.8%, respectively, compared to 0.34 g/t and 58.6% in the third quarter of 2025.

Copper production was 12.8 million pounds in the third quarter of 2026 compared to 13.4 million pounds in the third quarter of 2025. The decrease in copper production was primarily due to lower copper head grade and recovery, partially offset by increased throughput. During the third quarter of 2026, the average copper head grade and recovery were 0.15% and 73.7%, respectively, compared to 0.16% and 75.6% in the third quarter of 2025.

Gold production costs were $1,392 per ounce in the third quarter of 2026 compared to $1,540 per ounce in the third quarter of 2025. The decrease was primarily due to higher gold ounces sold, partially offset by higher mining, processing and administrative costs. Higher mining costs were due to pit dewatering activities, higher diesel fuel costs due to increased prices and consumption, and reverse circulation (“RC”) drilling activities to improve geological and mine plan confidence. Higher processing costs were due to additional SAG liner costs. Higher administrative costs were primarily due to increased camp operating costs.

Copper production costs were $2.68 per pound in the third quarter of 2026 compared to $2.11 per pound in the third quarter of 2025. The increase was primarily due to higher direct production costs.

All-in sustaining costs on a by-product basis NG were $985 per ounce in the third quarter of 2026 compared to $1,461 per ounce in the third quarter of 2025. The decrease was primarily due to lower production costs per ounce, and higher copper credits from higher realized copper prices, partially offset by higher sustaining capital expenditures NG. Higher sustaining capital expenditures NG in the third quarter of 2026 were primarily driven by differences in the timing of spending on the mining fleet and mill major overhauls compared to the third quarter of 2025.

Earnings from mine operations of $264.2 million were recognized in 2026 compared to $128.2 million in 2025. The increase in earnings from mine operations was primarily due to higher average realized gold and copper prices, higher gold ounces and copper pounds sold, and higher realized silver prices, partially offset by higher production costs.

Cash provided by mine operations of $349.0 million was recognized in 2026 compared to $160.7 million in 2025. The increase was primarily due to higher average realized gold and copper prices, higher gold ounces and copper pounds sold, and a favourable working capital change, partially offset by higher production costs. The favourable working capital change in 2026 compared to 2025 was primarily related to the timing of sales and cash collection from shipments.

Free cash flow from mine operations NG of $257.7 million was recognized in 2026 compared to $114.8 million in 2025. The increase was primarily due to higher cash provided by mine operations as explained above, partially offset by higher capital expenditures NG. Non-sustaining capital expenditures NG increased in 2026 compared to 2025 due to spending on mining fleet expansion and TSF buttress foundation construction.

During 2026, mining activities were carried out in phases 5, 6, 7 and North Borrow of the open pit. Total tonnes mined were 36.5 million tonnes in 2026 compared to 35.7 million tonnes mined in 2025. The increase in tonnage was attributable to the addition of incremental haulage capacity in 2026.

The process plant throughput was 15.9 million tonnes in 2026, averaging 58,237 tonnes per calendar day compared to 15.3 million tonnes in 2025, averaging 56,157 tonnes per calendar day. Higher throughput was driven by increased equipment reliability, resulting in fewer significant slowdown events.

Gold production was 111,817 ounces in 2026 compared to 103,477 ounces in 2025. The increase was primarily due to higher head grade and increased throughput, partially offset by lower recoveries. During 2026, the average gold grade was 0.37 g/t and recoveries were 60.3% compared to 0.35 g/t and 60.9%, respectively, in 2025.

Total copper production was 40.1 million pounds in 2026 compared to 37.4 million pounds in 2025. The increase was primarily due to higher head grade and throughput, partially offset by lower recovery. During 2026, the average copper head grade was 0.16% and recoveries were 74.2% compared to 0.15% and 76.7%, respectively, in 2025. Lower recovery was mainly due to complex mineralogy, specifically finer grain size in the feed, which reduced recovery earlier in the year.

Gold production costs were $1,474 per ounce in 2026 compared to $1,423 per ounce in 2025. The increase was primarily due to higher direct production costs, partially offset by higher gold ounces sold. Production costs increased primarily due to higher mining, milling and freight costs. Higher mining costs were driven by increased pit dewatering activities, higher diesel fuel costs due to higher prices and consumption, and RC drilling activities. Higher milling costs were attributable to the extended shutdown in July and higher cyclone rental costs. Freight costs increased due to higher concentrate volumes transported and higher freight rates.

Copper production costs were $2.49 per pound in 2026 compared to $2.13 per pound in 2025. The increase was primarily due to higher production costs and higher allocation of costs to copper production costs due to relative changes in the market price of gold and copper, partially offset by higher copper pounds sold.

All-in sustaining costs on a by-product basis NG were $1,103 per ounce in 2026 compared to $1,298 per ounce in 2025. The decrease was primarily due to higher copper credits from higher realized copper prices and copper pounds sold, partially offset by higher production costs per ounce and higher sustaining capital expenditures NG. Higher sustaining capital expenditures NG in 2026 were primarily driven by higher spending on mining and mill major overhauls compared to 2025.

The Öksüt Mine is located in Türkiye approximately 300 kilometres southeast of Ankara and 48 kilometres south of Kayseri, the provincial capital. The nearest administrative centre is at Develi, located approximately 10 kilometres north of the mine site.

Öksüt Mine Financial and Operating Results

(1)Includes government royalties of $20.4 million and $68.9 million (includes a $4.6 million 2025 royalty cost adjustment) during three and nine months ended September 30, 2026 and $24.2 million and $39.7 million during three and nine months ended September 30, 2025, respectively.

(2)Includes exploration and evaluation costs.

(3)Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.

(4)This supplementary financial measure, within the meaning of NI 52-112, is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold.

Earnings from mine operations were $62.9 million in the third quarter of 2026 compared with$90.2 million in the third quarter of 2025. The decrease was primarily due to lower ounces of gold sold, partially offset by higher average realized gold prices and lower production costs and DDA mainly attributable to lower ounces of gold sold.

Cash provided by mine operations was $68.3 million in the third quarter of 2026, compared to $139.4 million in the third quarter of 2025. The decrease was primarily due to lower ounces of gold sold and higher cash taxes paid, partially offset by higher average realized gold prices.

Free cash flow from mine operations NG was $65.8 million in the third quarter of 2026, compared to $133.6 million in the third quarter of 2025. The decrease in free cash flow from mine operations NGwas primarily due to a decrease in cash provided by mine operations as noted above, partially offset by lower sustaining capital expenditures NG.

Mining activities in the third quarter of 2026 were carried out in phase 5 and phase 6 of the Keltepe pit. Total tonnes mined were 5.0 million tonnes in the third quarter of 2026, compared to 4.9 million tonnes in the third quarter of 2025.

The Öksüt Mine stacked 1.5 million tonnes at an average grade of 0.85 g/t, containing 41,003 ounces of gold in the third quarter of 2026, compared to 1.5 million tonnes stacked at an average grade of 1.82 g/t, containing 86,422 ounces of gold in the third quarter of 2025. The decrease in heap leach grade was primarily due to lower mining grades in the third quarter of 2026 as a result of mining lower grade areas in phase 5 of the Keltepe pit.

Gold production in the third quarter of 2026 was 31,359 ounces compared to 49,234 ounces in the third quarter of 2025. The decrease in gold production was primarily driven by lower ounces stacked reflecting lower grade in the third quarter of 2026.

Gold production costs per ounce were $1,659 in the third quarter of 2026 compared to $1,219 in the third quarter of 2025. The increase was primarily due to fewer ounces of gold sold, higher royalty rates as a result of higher average realized gold prices and the net inflation impact in Türkiye between the periods, which increased labour and contractor costs.

All-in sustaining costs on a by-product basis NG in the third quarter of 2026 were $1,893 per ounce compared to $1,473 per ounce in the third quarter of 2025. The increase was primarily due to higher gold production costs, as noted above, partially offset by lower sustaining capital expenditures NG.

Earnings from mine operations were$243.3 million in 2026 compared with $172.2 million in 2025. The increase was primarily due to higher average realized gold prices and higher ounces of gold sold, partially offset by higher production costs and DDA driven by higher weighted average inventory cost per ounce.

Cash provided by mine operations was $217.9 million in 2026 compared with $172.2 million in 2025. The increase in cash provided by mine operations was primarily due to higher average realized gold prices and higher ounces of gold sold, partially offset by higher cash taxes paid, higher production costs, a realized hedge loss and higher royalty payments.

Free cash flow from mine operations NG was $208.7 million in 2026 compared with $147.1 million in 2025. The increase in free cash flow from mine operations NGwas primarily due to an increase in cash provided by mine operations as noted above and lower sustaining capital expenditures NGmainly driven by lower capitalized deferred stripping costs.

Mining activities in 2026 were carried out in phase 5 and phase 6 of the Keltepe pit. Total tonnes mined were 12.8 million tonnes in 2026, consistent with 12.7 million tonnes mined in 2025.

The Öksüt Mine stacked 3.7 million tonnes at an average grade of 1.08 g/t containing 128,058 ounces of gold in 2026, compared with 3.7 million tonnes stacked at an average grade of 1.22 g/t containing 145,552 ounces of gold in 2025. The decrease in heap leach grades was primarily the result of mining lower grade areas in phase 5 of the Keltepe pit.

Gold production was 102,340 ounces in 2026 compared to 100,986 ounces in 2025. The increase in gold production was primarily driven by enhanced operating practices and solution management.

Gold production costs were $1,607 per ounce in 2026 compared with $1,199 per ounce in 2025. The increase was primarily due to higher royalty costs, lower costs allocated to deferred stripping and higher production costs. Royalty costs increased by $29.2 million between the periods as a result of higher ounces of gold sold and higher royalty rates attributable to higher average realized gold prices. Higher production costs were mainly due to higher labour and contractor costs, driven by net inflation in Türkiye.

All-in sustaining costs on a by-product basis NG were $1,822 per ounce in 2026 compared with $1,573 per ounce in 2025. The increase was primarily due to higher gold production costs as noted above, partially offset by lower sustaining capital expenditures NG.

US Moly

US Moly includes the Thompson Creek Mine in Idaho, a molybdenum mine, which is currently in the process of being restarted with expected first production mid-2027, and the Langeloth Facility in Pennsylvania.

US Moly Financial Results

(2)Includes standby costs, net of insurance proceeds, of $6.5 million during the nine months ended September 30, 2026 at the Langeloth Facility due to the temporary suspension of roasting operations.

(3)Includes costs of $0.3 million and $3.9 million during the three and nine months ended September 30, 2026, respectively, related to the settlement of a legacy labour matter at the Langeloth Facility.

(4)“nm” represents a percentage change that is not meaningful.

Thompson Creek Mine

In the third quarter of 2026, Thompson Creek Mine moved 12.1 million tons compared to 8.3 million tons in the third quarter of 2025. In the third quarter of 2026, the mining rate achieved an average of 4.0 million tons per month and mining activi ties focused on stripping on the western side of the pit and the Union Gap area in the north. Mining rates remained relatively consistent between the second and third quarter of 2026. As tons increased over the course of 2026, cost per ton continued to decline and stabilize in 2026 compared to prior periods. In the third quarter of 2026, the Thompson Creek Mine was not significantly impacted by the rise in global fuel prices, supported by its diesel hedging program.

The key milestones completed in the third quarter of 2026 included:

•Procurement: shipped most long-lead equipment packages that have now arrived at site;

•Installation: installed two-thirds of the flotation bank tanks and agitators, set the Jameson Cell quadrants and launder, and received the thickener on site, with remaining installation continuing;

•Refurbishment: progressed conveyor, motor and gearbox refurbishment and the crusher shaft rebuild to support restart readiness;

•Power: completed the E-house concrete piers and structural steel and six of seven mill motor cable pulls, with the variable frequency drives at the E-house fabrication shop and E-house shipment on track;

•Tailings: substantially completed the toe berm and the SRD HDPE pipeline installation, completed other dam remediation activities, and advanced sand distribution pipeline installation and jacking header refurbishment to approximately 80% complete; and

•Readiness: advanced pre-commissioning and operational readiness, including legacy system testing, training planning and operating procedures.

As of September 30, 2026, $337.3 million had been spent on the restart of the Thompson Creek Mine, with approximately 65% of physical infrastructure completed. The project remains on track for first production in mid-2027, consistent with the Thompson Creek feasibility study published in 2024. In the third quarter of 2026, the Company incurred non-sustaining capital expenditures NG of $81.2 million.

In the third quarter of 2026, additions to PP&E were $74.9 million compared to $36.2 million in the third quarter of 2025, and non-sustaining capital expenditures NGwere $81.2 million in the third quarter of 2026 compared to $31.4 million in the third quarter of 2025. The difference between additions to PP&E and non-sustaining capital expenditures NG in the third quarter of 2026 primarily reflects movements in the asset retirement obligation and capitalized DDA. The increase in both categories was due to the higher capital spending on mill refurbishments, the tailings distribution system, and expenditures related to pre-stripping activities in the main open pit area and other general costs during the third quarter of 2026.

Free cash flow deficit from operations NG of $55.2 million was recognized in the third quarter of 2026, compared to $37.3 million in the third quarter of 2025. The increase was due to higher capital expenditures NGas outlined above.

In 2026, the Thompson Creek Mine moved 34.0 million tons compared to 19.9 million tons in 2025. The mining rate increased to an average of 3.8 million tons per month, compared to 2.2 million tons per month in 2025. The increase in total tons moved was primarily due to improved mining equipment availability and utilization, as well as the addition of a new shovel to the fleet in 2026.

Additions to PP&E were $193.0 million in 2026 compared to $94.8 million in 2025, and non-sustaining capital expenditures NG were $173.6 million in 2026 compared to $83.7 million in 2025. The difference between additions to PP&E and non-sustaining capital expenditures NG in 2026 primarily reflects movements in the asset retirement obligation, ROU assets and capitalized DDA. The increase in both categories was due to higher capital spending on mill refurbishments, the tailings distribution system, and expenditures related to pre-stripping activities in the main open pit area and other general costsin 2026.

Free cash flow deficit from operations NG of $138.9 million was recorded in 2026 compared to $90.6 million in 2025. The increase was due to higher additions to PP&E, as outlined above.

Langeloth Facility

(2)“nm” represents a percentage change that is not meaningful.

The Langeloth Facility roasted 2.8 million pounds and sold 4.6 million pounds of molybdenum in the third quarter of 2026, compared to 4.4 million pounds roasted and 3.1 million pounds sold in the third quarter of 2025. The increase in molybdenum sold was in line with plans to progressively increase volumes. The decrease in molybdenum roasted in the third quarter of 2026, compared to the third quarter of 2025, was primarily due to the timing of concentrate purchases between the periods as well as a higher proportion of molybdenum products purchased that do not require roasting in order to produce end products required for certain customer orders.

Net earnings were $15.1 million in the third quarter of 2026 compared to nil in the third quarter of 2025. The increase was primarily due to higher pounds of molybdenum sold and a higher margin on the sale of molybdenum products, resulting from higher market prices and a relatively lower weighted average cost per pound of inventory sold. The lower weighted average cost per pound reflects inventory accumulated at lower market prices in prior periods.

Adjusted EBITDANG of $16.5 million was recognized in the third quarter of 2026 compared to $1.1 million in the third quarter of 2025. The increase was primarily due to the higher margin on the sale of molybdenum products and higher pounds sold, as discussed above.

Cash provided by operations was $2.9 million in the third quarter of 2026 compared to cash used in operations of $13.6 million in the third quarter of 2025, even after accounting for costs of $0.3 million related to the settlement of a legacy labour matter. The increase was primarily due to the higher margin on the sale of molybdenum products as discussed above.

Free cash flow from operations NG was $1.7 million in the third quarter of 2026 compared to a free cash flow deficit from operations NG of $13.9 million in the third quarter of 2025. The increase was primarily due to higher cash provided by operations, discussed above.

The Langeloth Facility roasted 7.7 million pounds and sold 12.1 million pounds of molybdenum in 2026 compared to 10.6 million pounds roasted and 10.4 million pounds sold in 2025. The increase in molybdenum sold was in line with plans to progressively increase volumes. Molybdenum roasted was lower mainly due to the temporary suspension of operations following the January 29, 2026 incident. The suspension of roasting operations limited the Company’s ability to convert molybdenum concentrate into molybdenum products. While the Langeloth Facility continued to sell finished molybdenum products during the period, the suspension of roasting operations constrained overall production capacity.

Net earnings were $11.7 million in 2026 compared to a net loss of $1.8 million in 2025. The increase in net earnings was primarily due to a higher margin on the sale of molybdenum products, resulting from higher market prices and a relatively lower weighted average cost per pound of inventory sold. The lower weighted average cost per pound reflects inventory accumulated at lower market prices in prior periods. This was partially offset by $6.5 million of standby costs, net of insurance proceeds, during the temporary suspension of roasting operations and cost of $3.9 million to settle a legacy labour matter.

Adjusted EBITDANG of $18.9 million was recognized in 2026 compared to $1.4 million in 2025. The increase was primarily due to the higher margin on the sale of molybdenum products and higher by-product sales.

Cash used in operations was $117.5 million in 2026 compared to $15.2 million in 2025. The increase was primarily due to an unfavourable working capital movement, reflecting an inventory build-up needed to sustain current operations and current sales levels and a higher unit cost of inventory, as molybdenum prices increased from $21.87 per pound as at September 30, 2025 to $29.48 per pound as at September 30, 2026. A $5 per pound change in molybdenum price has an approximate $25 million impact on working capital invested. At September 30, 2026, there were 6.9 million (December 31, 2025 - 5.4 million) pounds of molybdenum included in inventory.

Free cash flow deficit from operations NG was $119.6 million in 2026 compared to $16.1 million in 2025. The increase was primarily due to higher cash used in operations, as outlined above.

Goldfield Project

(2)“nm” represents a percentage change that is not meaningful.

In the third quarter of 2026, additions to PP&E and non-sustaining capital expenditures NG were $30.5 million and $29.9 million, respectively, compared to nil in the third quarter of 2025. The increase reflects the start of capital works at the Goldfield Project, primarily related to advancing detailed engineering work, long-lead procurement activities, and initial earthworks related to the storm water diversion channels, overburden stockpiling and excavating in borrow sources. Contractors continue to be mobilized for early works construction with further construction and site-preparation to occur in the remainder of 2026.

Cash used in operations was $0.5 million in the third quarter of 2026 compared to $2.0 million in the third quarter of 2025. The decrease was primarily due to lower pre-development and exploration costs as the project shifted to construction and site-preparation in 2026.

Free cash flow deficit from operations NG was $21.9 million in the third quarter of 2026 compared to $2.0 million in the third quarter of 2025. The increase was primarily due to higher non-sustaining capital expenditures NG, as discussed above.

In 2026, additions to PP&E and non-sustaining capital expenditures NG were $49.2 million and $48.6 million, respectively, compared to nil in 2025. The increase reflects the start of capital works at the Goldfield Project. The 2026 capital expenditures program primarily relates to advancing detailed engineering work, long-lead procurement activities, and initial earthworks related to the storm water diversion channels, overburden stockpiling and excavating in borrow sources.

Cash used in operations was $5.6 million in 2026 compared to $3.6 million in 2025. The increase was primarily due to higher pre-development costs related to engineering works ahead of the start of construction in 2026 as well as higher exploration costs.

Free cash flow deficit from operations NG was $44.5 million in 2026 compared to $3.6 million in 2025. The increase was primarily due to higher non-sustaining capital expenditures NG, as discussed above.